California-based EV start-up Faraday Future has announced its latest equity financing, IPO, and FF 91 delivery strategy at its annual ‘919 Futurist Day’.
According to the new plan, FF 91 will kick off its delivery in approximately nine months following the closing of a successful equity funding. The newly announced FF 81 EV and development preparation for future models and next-generation core technologies will be completed ‘as soon as possible’, the company said. FF will also target an IPO within 12-15 months following the conclusion of equity financing.
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It said the projected funding needs for this stage have been significantly reduced to USD850m from the original estimate of USD2bn.
The company’s Futurist Testing Lab (FTL) has also been unveiled. The facility, located in South Los Angeles, near the company’s headquarters, will be a ‘key part of the company’s effort to push forward the goal of high quality, high efficiency and cost-effective production of the ultra-luxury “new species” FF 91’. The company will be able to conduct various vehicle testing and validations at the new facility and produce small batches of pre-production vehicles. The scalable production of FF 91 is still being planned at the company’s manufacturing facility located in Hanford, California.
FF’s new Global CEO, Dr. Carsten Breitfeld said: “FF has made amazing innovations in the fields of traditional electric vehicles, IOV, AI, mobility ecosystem, business models and user ecosystem innovations. FF 91 is very close to final production and delivery. 92% of the parts have been sourced. Moreover, we still have nearly 600 employees globally from various industries working together for the goal of delivering FF 91. I am very confident that under this new plan, we will deliver FF 91 in a shorter time at a lower cost and higher quality.” He added: “Our Futurist Testing Lab will continue to help push forward the goal of FF 91 delivery.”
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